I read the announcement well and even prior to announcement I have been bullish on Mente & the future data Mente will collect to sale to wider industry......
Undiluted MC back to $15m for a company already selling a product and clinical trial providing some good results. It's been explained in simple term and not sure why many still want management to clarify which is already written in black & white...
I am LT on this stock and so not relying much on TA but still like to use to interpret the market reaction. Mostly, I buy or keep holding the stock people lose faith in & have paid me off greatly as I always look at Low MC, nervous sell down & future potential comparing MC to its peers...
Here is the daily chart; breaking out of continuation wedge and still holding well over 200 EMA. Still in BULLISH trend for ST-MT hold.
I did not expect it to close over 24-28c yesterday but it did. Likewise, did not expect it to sell down to 25c but it did. The only reason I can see is the stale holders highlighted in Yellow box & remaining IPO holders, which are mostly out or will be out by tomorrow. Once supply done, NTI will continue to move higher from $15m MC and will get to 55-63c target on further progressive news. While some Biotech and tech companies already trading over 100m MC without any revenue, not sure why NTI will be left behind once further contracts and validated results are out along with progress towards FDA.
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